A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    SBI Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.40% Floating
    0.35% (max. ₹10,000)
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.35% Floating
    0.35% (max. ₹10,000)
    15L - 10Crs Women's Special!
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.40% Floating
    0.35% (max. ₹10,000)
    ₹ 20L - ₹ 10Crs SBI Flexipay
    25-30 Years
    Response Time Within 30 minutes
    What you'll love
    Fees & Charges
    Good to Know
    Eligibility Criteria

    SBI Home Loan is Rated as "Great!" by 566 Users

    Fees & Charges

    Promised Interest Rate

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    State Bank of India (SBI), has many home loan schemes tailored to the needs of customers including SBI Maxgain, SBI Realty, SBI Home Plus & NRI Home Loans. Some of the advantages of an SBI housing loan are low interest rates with interest on daily reducing balance, low processing fees, no hidden cost & no administrative charges, plus zero prepayment penalties. View more details about SBI home loan below.


    You’re probably eligible for an SBI Home Loan if you are

    SBI Home Loan Minimum Age

    At least 18 years old

     SBI Home Loan Maximum Age

    Less than 60 years old

    SBI Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    SBI Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your SBI Home Loan amount eligibility is based on these factors

    SBI Home Loan Minimum Salary

    EMI limited to about 50%
    of monthly income

    SBI Home Loan Maximum Loan to property value

    Loan capped @ 80%
    of property value

    SBI Home Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible SBI Home Loan amount by these steps

    SBI Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    SBI Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    SBI Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an SBI Home Loan

    • 1. Signed application form with photograph
    • 2. ID and residence proof
    • 3. Processing fee cheque
    • 4. Last 6 months bank statements
    • 5. Documentation for salaried applicants:
      • Last 3 months salary-slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Education qualification certificate & proof of business existence
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account


    SBI Home Loan Interest RatesUpdated on 24 May 2016

    SBI Home Loan Details
    Interest Rate For women - 9.35%
    For General Customers - 9.40%
    SBI Flexipay - 9.40%
    Processing Fees 0.35% of Loan Amount, Maximum of Rs.10,000
    Loan Tenure 30 years
    SBI Flexipay - 25 to 30 years
    Pre-closure Charges Nil
    Partial Pre-Payment Charges Nil
    Guarantor Requirement No Guarantor Required


    Overview of SBI:

    State Bank of India (SBI) is a government owned banking and financial service organization. The bank is headquartered in Mumbai and is the largest banking institution of India in terms of assets. The bank has a massive presence in the country with over 17,000 branches spread across the nation’s length and breadth. Not only this, the bank has a huge international presence too with branches in over 34 countries of the world. SBI caters to a large base of individual and corporate clients and has operations in the fields of personal banking, investment banking, corporate banking, asset management and so on.

    SBI Home Loans:

    State Bank of India provides a range of home loan products to suit the individual needs and preferences of its customers. Various surveys and consumer awards have conferred the title of ‘The most preferred Home Loan Provider’, to SBI. Low interest rates, flexible payment options and zero hidden charges are some of the features that lend to the popularity of SBI home loans.

    With thousands of branches spread across various geographical locations has made SBI one of the most accessible banks to obtain a loan from.

    New SBI Bank Home Loan Interest Rate:

    SBI Home Loan not only offers attractive benefits and terms for its home loan options but the bank also offers low competitive rates on its home loan. As of May 3rd 2016, the interest rate for SBI home loan stands between 9.35% to 9.40%. The above mentioned rates are irrespective of the loan amount.

    SBI Home Loan Schemes:

    SBI offers a wide range of home loan products to its customers. You can choose the best home loan scheme that suits your budget and requirement. SBI home loans come with exclusive packages and benefits to cater to the home finance needs of all its customers. Following are some of the home loan options available from SBI.

    • SBI MaxGain Home Loan:

    The SBI MaxGain home loan aims to enable its customers to reduce their interest burden at no extra cost. This home loan acts as an overdraft account too, giving the customer privilege to withdraw and deposit amounts depending upon their cash availability. Bank provides internet banking and cheque book facility with this home loan. Excess funds when parked with this account impact the overall principal and the associated interest. Also, a customer can choose to withdraw amount from the linked account in case of excess parked funds.

        • Min. Loan Amount – 5 lacs
        • Max. Loan Amount – No upper limit
        • Interest Rate – 0.25% over and above the existing home loan interest
        • Higher Liquidity, Savings on total interest paid
        • Pre-closure Charges - Nil
        • Interest Rate – Floating 10.15%
    • SBI Yuva Home Loan

    This SBI home loan is tailored especially for individuals who are young and generally taking loan for their first home. The age eligibility is between 21-45 years. This loan grants an amount which is 20% over and above the regular loan amount. This home loan is ideal for fresh professionals and government employees. Under this scheme the home loan full repayment starts only after 36 month from the date of availing the loan. For the first 36 months only interest needs to be repaid.

        • Eligibility – 21-45 years
        • Minimum Income – Rs.30,000 per month
        • Pre-closure Charges - Nil
        • Interest Rate – Floating 10.15%
    • SBI NRI Home Loan

    As the name itself suggests, the NRI loan is tailored for Non-Resident Indians (NRIs) and for People of Indian Origin (PIOs). This loan is given to an individual who earns a regular income and whose minimum employment period (in India or abroad) is not be less than 2 years.

        • Min. Loan Amount – 3 lacs
        • Max. Loan Amount – No upper limit
        • Eligibility – NRI or PIO
        • Pre-closure Charges - Nil
        • Interest Rate – Floating 10.15%
    • SBI Realty:

    This SBI loan is for people who want to buy land or plot. The construction should commence within 2 years from the sanction date of the loan. This type of loan comes with the flexibility of availing another loan for construction purposes on the land bought. So a customer is entitled to avail two simultaneous loans on the SBI realty home loan.

        • Max. Loan Amount – 15 crores
        • Loan Tenure – Up to 15 years
        • Pre-closure Charges - Nil
        • Interest Rate – Floating 10.15%
    • SBI PAL

    This is a Pre-Approved Home Loan from State Bank of India. This loan does not depend upon the property to be bought. SBI grants its customers the freedom to avail the loan amount before deciding upon the property. This gives customers the needed confidence to negotiate boldly with builders/sellers regarding the price of the property.

        • Eligibility – Depends on the annual income of the applicant
        • Tenure – Pre-Approved Letter of arrangement is valid for a period of 4 months
        • Min Loan Amount – 10 Lacs
        • Max Loan Amount – No upper limit
        • Pre-closure Charges - Nil
        • Interest Rate – Floating 10.15%
    • Her Ghar Home Loan:

    This is a home loan scheme designed especially for women applicants. A woman needs to be the sole applicant or the primary applicant for this type of home loan. Also, the property for which home loan is being taken should be in the name of the woman applicant or she should be the primary owner in case it of joint ownership. This home loan scheme by SBI aims at enabling women to own property and carries a social obligation in line with the empowerment of women.

      • Loan Tenure – 30 years
      • Interest Rate – 9.85%
      • Pre-Payment Charges - Nil

    More Housing Loans from SBI:

    Apart from the above listed regular home loan schemes by State Bank of India, there are several other options also which aim to uplift people from tribal and village areas of the nation. These schemes are in line with the organization’s commitment towards comprehensive nation building.

    Here are a few such housing schemes offered by SBI-

    • SBI Tribal Plus:

    This housing loan from SBI is meant for customers who are from tribal areas or hilly regions where mortgage of property is not available. The loan is provided for construction of a new house or flat and for purchase of a new house. Under this scheme SBI also provides an option of taking loan for the purpose of renovation or repair.

        • Min. Amount – nil
        • Max. Amount- 10 lacs
        • Repayment Period – up to 15 years

    The Gram Niwas scheme from State Bank of India is aimed at providing housing finance to the customers from rural regions of the nation. This housing plan covers people from rural or semi-urban regions which have a population of less than 50,000 as per the 2001 census. Under this scheme, home loans can be availed for buying of land or house, renovation and repair of house and construction of house.

        • Min. Amount – nil
        • Max. Amount- 5 lacs
        • Repayment Period – up to 15 years

    Sahyog Niwas scheme aims to provide home loans to self-help groups which have a good credit history. The bank lends to members of these groups under this scheme for purposes of buying of land or house and construction, repair or renovation.

      • Min. Amount – nil
      • Max. Amount- 50,000 per person of the self-help group

    Significant Features of SBI Home Loans:

    • Lower interest rates as compared to other contemporary banks
    • Low processing fees
    • No hidden charges or administration fees
    • Nil pre-closure charges making repayment easier and more flexible
    • A huge network of branches across the nation making it convenient to visit a SBI branch
    • Exclusive packages depending upon individual needs of customers
    • Interest is calculated on daily reducing basis which lowers the overall interest paid

    Documents required applicable to all loan seekers:

    • Duly filled loan application
    • 3 passport-size photographs
    • Identity Proof (Voter ID Card/Passport/Driving License/Pan Card)
    • Proof of Residence (Current Address Proof)
    • Bank Statement for last 6 months
    • Personal assets and liabilities declaration
    • Proof of property
    • Income Tax Proofs (If required)
    • Signature Identification from present banker

    Documents required for Guarantor:

    • Assets and liabilities Statement
    • 2 passport-size photographs
    • Identity Proof
    • Address Proof
    • Signature Identification from present banker

    FAQ Section:

    Frequently asked questions about SBI Home Loan.

    How can I decide which SBI home loan fits my requirement?

    BankBazaar gives you the option of comparing home loan schemes and an online EMI calculator to help you plan your finances well in advance before availing a home loan.

    What are the various interest rates offered on home loans?

    Interest rates vary with respect to the subscribing customer being a woman or otherwise. In the former case, the rate stands at 9.50% p.a while other customers are charged a interest rate of 9.55% p.a. These rates are irrespective of the actual loan amount.

    What is the processing fee charged by SBI for home loans?

    SBI charges a low processing fee for its home loans. 0.25% of the loan amount is charged. The amount can be anywhere between Rs.1,000 to Rs.10,000.

    Can I pay off my SBI home loan earlier than the initial tenure?

    Yes. You can pay off your SBI home loan earlier too, without a pre-payment penalty fee.

    Is there any security required for the SBI home loan?

    Usually, the property that is purchased using the loan serves as the security. In some cases it is at bank’s discretion to ask for additional securities like insurance policies, fixed deposits etc.

    Is a guarantor required to sign my loan application?

    Yes. A guarantor with all the valid and required documents need to sign your loan application.

    What kind of job makes me eligible for SBI home loan?

    You can either be a salaried employee or self-employed for obtaining this loan. However, the only condition is that you should be earning a regular income and should be able to furnish proofs of the same.

    Can joint-applications be made for SBI Home Loans?

    Yes. Joint applicants are welcome at SBI.

    Are there any tax benefits associated with SBI home loan?

    Yes. Tax rebate under section 80C of the Income Tax Act is applicable.

    Are long-term home loans beneficial or short-term loans?

    Long-term loans are beneficial in giving you the option and comfort of lower EMIs, however, short-term loans mean higher EMIs but lesser interest. A borrower can choose the option depending upon his financial status.

    How long does it take for my loan to get sanctioned?

    If all the required documents are in place then your SBI home loan can be sanctioned in a few days.

    Where can I apply for SBI home loan?

    With a network of over 17000 branches in India, SBI home loans can be applied at any of your nearest bank branch.

    Before you apply for the loan, Check your CIBIL Score for SBI Home Loan

    News About SBI Home Loan

    • Speeding Up Interest Rate Cuts via Bonds: SBI

      India’s largest public sector bank, the State Bank of India, is set on using innovative options such as tapping into the wholesale bonds market to bring down interest rates quickly. SBI Chairman, Arundhati Bhattacharya maintains that unlike the traditional deposits portfolio, cost of funds are immediately impacted and interest rates come down instantaneously with bonds whenever a repo rate cut is announced. Thus, SBI is looking to change its signature mix of resources to enable the transmission of lower interest rates faster. Additionally, the bank is also looking to benefit from an RBI exemption that allows banks to write back about 45% of the appreciation value of real estate holdings to meet capital adequacy. What does all this mean to the common man? Popular loan products such as home loans that are positively impacted by RBI’s repo rate cuts will be cheaper almost instantaneously.

      12th May 2016

    • Drop in SBI Home Loan Rates With Effect From 01.05.2016

      The home loan rate of State Bank of India has dropped 5 basis points to 9.40 per cent. The rate has been revised after the fall in the one year marginal cost of fund rate from 9.20 per cent to 9.15 per cent.

      Banks have adopted the marginal cost of based lending rate (MCLR) with the direction from Reserve Bank of India. The shift was intended towards making the transmission of monetary policy more effective.

      5th May 2016

    • Women home buyers are in luck: Home loans are being offered to women borrowers at 9.40% by SBI

      Home loans will be offered to women borrowers at a reduced percentage of 9.40% by State Bank of India. Compared to other borrowers who are offered loans at 9.45%, women borrowers have an advantage. The updated interest rate was announced with various products offered. The rate for other borrowers is 25 bps more than the interest rate on home loans for women which stands at 20 basis points.

      SBI offers 9.50% as interest for women borrowers for home loans between 2 mln-10 mln rupees. The same amount for others is offered at 9.55%. The bank offers 9.75% as interest for women borrowers for home loans above 10 mln, while others are offered at 9.80%. In the case of car loan schemes, women are offered an interest of 9.75% and others at 9.80%.

      28th April 2016

    • New home loans by SBI is to be cheaper than ever before

      State Bank of India, India’s largest bank, is offering new home loans which are cheaper by 10 basis points. This revision of loan pricing will be in action from April 1st. SBI's benchmark rate will vary from 8.85% (for overnight) to 9.35% (for three years). This change is due to the Marginal Cost of Funds based lending Rate (MCLR) regime.

      A new system has been suggested by Reserve Bank of India to improve transmission of monetary policy. This includes replacing one benchmark rate with at least five benchmark rates.

      4th April 2016

    • State Bank of India’s SBI FlexiPay makes owning a home more achievable

      Financially, buying a home can set your back some years. Many people cannot even think about buying a home because the EMIs is just too high for them to afford. State Bank of India has come up with a home loan product called SBI FlexiPay that could be the solution. This product makes it possible for customers to get a loan amount that is higher than what one would get with a regular home loan.

      During the first 3-5 year moratorium period, only the interest will have to be paid. After this period, the customer has to pay moderated EMIs. In later years, these will be stepped up.

      01st March 2016

    • SBI has introduced a new home loan scheme called ‘FlexiPay’

      On February 1st, State Bank of India launched a new home loan scheme called ‘SBI FlexiPay Home Loan’. It is designed for young working executives/ professionals. This schemes allows borrowers to avail a higher loan amount than what they would normally be eligible for with a normal home loan. Additionally, this scheme has the option of step-up monthly repayments. SBI claims that with the additional loan amount available with the ‘FlexiPay’, borrowers can attain a better space than they would normally be able to.

      What’s more, borrowers do not have bear the weight a higher monthly repayments (EMIs), because SBI FlexiPay Home Loan customers will have the option of only paying the interest through the moratorium period (pre-EMI). This will be the case for between three to five years from the time the loan is obtained.

      3rd February, 2016

    • Get your ‘Ek Manzil of Sapna’ with SBI home loans

      India is striving towards a borough housing development story and a growing number of customers are partaking in this by capitalizing in and/ or purchasing their dream homes. The need for new houses and reduced interest rates appear to be pushing up housing finance growth with each year. Lately the market has also viewed a considerable boost in the sum of ambitious young home owners. To extend services to these youngsters (probably first time house owners) and tap this pulsating clientele, State Bank of India, the largest public bank in the country, broadcasted a new ad endorsement to talk about the easily accessible SBI home loans are. Intellectualized and implemented by DDB Mudra West, the promotion has been designed around everyone’s dream to own their space (‘Har kisi ka hota hai ek manzil of sapna’) and to motivate a liberal, sensitive and dynamic tête-à-tête between these hopeful home buyers and the bank, while trying to deliver them with solution-based housing loan choices.

      27th January, 2016

    • SBI, 8 BB meet to provide swift home loans for Safa Valley flats

      Regional Manager (Area V) of SBI, Mr. A K Razdan has led a meeting held in Udhampur in association with the partnership of the bank with Eight Boundaries Builders Private Limited for their ambitious project ‘Safa Valley’ in Jammu for delivering stress free home loans to the clients. While delivering a speech on the occasion, 8 BB’s General Manager, Mr. Amir Suharwardy, said that their slogan is to offer homes of global standards, which would not have been conceivable without the immense support of SBI. As their way of expressing gratitude, they are offering special rebates for SBI staffs.

      19th January, 2016

    • SBI Plans To Provide Home Loans Worth 500 Cr In Odisha

      State Bank of India, the nation’s leading public sector bank plans to extend home loans worth Rs 500 crore in the state of Orissa for the year 2015-2016. According to reports, the bank has already provided home loans worth Rs 280 crore in the state, a figure which it plans to increase to Rs 500 crore before the closing of the fiscal year in 2016.

      In the year 2014-2015, SBI has already extended Rs 400 crore worth of home loans in the Odisha. The rate of Non- Performing Assets (NPA) currently ranges between one percent to two percent in the state. However, the bank has, to date, provided finance up to the amount Rs 3325 crore under its home loan portfolio.

      Keeping in mind the rising home financing needs of the customers, SBI recently organized ‘Utsav’, a property expo, in Bhubaneswar. The event which took place from December 11th to 13th, witnessed participation in large numbers by builders and developers associated with the National Real Estate Development Council (NAREDCO), Developers Association of Odisha and the Confederation of Real Estate Developers Associations of India (CREDAI). The event was quite a success, with bookings done for about 200 housing units and loans sanctioned up to amounts of Rs 30-40 crore.

      In Orissa, state Bank of India features a network of over 800 branches, along with an NPA rate of over 6%. Majority of the slippages can be attributed to the sectors like agriculture sector, MSME sector (micro, small & medium enterprises), education loans, etc.

      10th December, 2015

    • SBI seeks Approval to re-introduce Teaser Home Loans at Sub-Base Rate

      State Bank of India has raised the pitch for teaser, low-cost home loans that was made available once in 2010 after the Global Financial Crisis. These home loans offered low rate of interest during the initial phase of three years after which the loan was moved to the prevailing rates. The interest rate was fixed for a pre-determined period (commonly, three years) and then reverted to the floating rates. Now, State Bank of India is seeking approval to re-introduce home loans at sub-base rate. In 2011, SBI discontinued the teaser loan schemes after concerns were raised over the quality of loan portfolio. Currently, SBI’s base interest rate for home loans stands at 9.70%.

      Want to apply for a SBI Home Loan? Check out customized deal options at BankBazaar, also instantly apply for a SBI Home Loan. You can try our proprietary online home loan EMI calculator and plan your budget in advance.

      2nd November 2015


    SBI Home Loan Reviews

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